November 23, 2017
The South East’s largest science park namely Discovery Park in Kent is the subject of a further major transaction.
In November 2016, Palmer Capital and its fellow shareholders, Trevor Cartner and Chris Musgrave sold all of their shares in Discovery Park Limited (a company which owns all the buildings on the Park) but retained ownership of approximately 55 acres of land surrounding the science park, which provides most of the car parking and the visitor centre. Planning consent has been granted for 500 houses on this land. Contracts were exchanged last year for the sale of this to the new owners of the science park but today it has been announced that the new owners have exchanged contracts to acquire 100% of the share capital of the two companies owning this land namely Discovery Park (South) Ltd and Discovery Park (West) Ltd. Completion will take place in January.
The sale of the entire shareholding of these two companies, when it completes, will bring an end to the involvement of Palmer Capital and its partners in the overall Discovery Park estate.
Commenting on this latest and final Discovery Park sale Ray Palmer, Chairman of Palmer Capital and the lead negotiator in the transaction said, “The vendor shareholders are all very proud of the regeneration that we achieved at Discovery Park and wish the new owners continued success”.
